Sanctions, Oil Prices May Harm Russian Economy, Ministers Warn

Government May Need to Cut Budget Spending

MOSCOW—Russia’s economy and budget may suffer if low oil prices and Western sanctions persist for some time, government ministers warned Friday.

In the government’s clearest acknowledgment so far of the pain Western sanctions and lower oil prices have inflicted on the economy, Russian Finance Minister Anton Siluanov said the government may need to cut its budget spending for the next three years. Economy Minister Alexei Ulyukayev,...